Millennium Management LLC Acquires 189,632 Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Millennium Management LLC boosted its stake in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX - Free Report) by 577.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 222,464 shares of the company's stock after purchasing an additional 189,632 shares during the period. Millennium Management LLC owned approximately 0.06% of Fomento Económico Mexicano worth $23,948,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FMX. Corient Private Wealth LLC grew its position in Fomento Económico Mexicano by 22.0% in the 4th quarter. Corient Private Wealth LLC now owns 4,410 shares of the company's stock worth $575,000 after purchasing an additional 796 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Fomento Económico Mexicano by 275.7% during the 4th quarter. Hsbc Holdings PLC now owns 12,290 shares of the company's stock worth $1,602,000 after acquiring an additional 19,285 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Fomento Económico Mexicano by 22.1% during the 4th quarter. Parallel Advisors LLC now owns 741 shares of the company's stock worth $97,000 after acquiring an additional 134 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Fomento Económico Mexicano by 61.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 8,826 shares of the company's stock worth $1,150,000 after acquiring an additional 3,367 shares during the last quarter. Finally, Morningstar Investment Services LLC boosted its stake in shares of Fomento Económico Mexicano by 101.1% during the 4th quarter. Morningstar Investment Services LLC now owns 195,961 shares of the company's stock worth $25,593,000 after acquiring an additional 98,495 shares during the last quarter.

Fomento Económico Mexicano Price Performance

Shares of FMX traded up $0.78 during trading hours on Friday, reaching $99.67. 602,712 shares of the stock traded hands, compared to its average volume of 689,618. The company has a current ratio of 1.72, a quick ratio of 1.44 and a debt-to-equity ratio of 0.36. The company has a market cap of $35.66 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 5.75 and a beta of 0.94. The company's 50-day moving average price is $105.18 and its two-hundred day moving average price is $113.11. Fomento Económico Mexicano, S.A.B. de C.V. has a 52-week low of $97.58 and a 52-week high of $143.43.

Fomento Económico Mexicano (NYSE:FMX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter. The company had revenue of $11.54 billion for the quarter. Fomento Económico Mexicano had a net margin of 3.75% and a return on equity of 8.65%. On average, analysts anticipate that Fomento Económico Mexicano, S.A.B. de C.V. will post 5.39 earnings per share for the current year.

Fomento Económico Mexicano Cuts Dividend

The business also recently declared an annual dividend, which will be paid on Monday, October 28th. Shareholders of record on Wednesday, October 16th will be issued a $0.864 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a yield of 0.87%. Fomento Económico Mexicano's dividend payout ratio is currently 14.36%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Fomento Económico Mexicano from a "buy" rating to a "hold" rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. cut shares of Fomento Económico Mexicano from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $104.00 to $109.00 in a research note on Monday, September 23rd. Finally, Barclays lowered their target price on shares of Fomento Económico Mexicano from $160.00 to $145.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Fomento Económico Mexicano has an average rating of "Hold" and a consensus target price of $133.40.

About Fomento Económico Mexicano

Fomento Económico Mexicano, SAB. de C.V., through its subsidiaries, operates as a bottler of Coca-Cola trademark beverages. The company produces, markets, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay.